MARKET SNAPSHOT: U.S. Stocks Edge Higher; S&P 500 Hits Intraday Record

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- The U.S. stock market edged higher on Thursday with the S&P 500 set to scale record levels after an impressive rally during the previous session.

The benchmark index hit intraday record in early trade after reaching its 20th closing record of 2014 on Wednesday.

The S&P 500 (SPX) added 3 points, or 0.1%, to 1,959.71. The Dow Jones Industrial Average (DJI) climbed 15 points, or 0.1%, to 16,921.46. The Nasdaq Composite (RIXF) rose 7 points, or 0.2%, to 4,369.56.

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In economic news, the weekly jobless claims dropped by 6,000 to 312,000, as expected. With layoffs at very low levels and more jobs available, the number of Americans seeking unemployment benefits continues to hover near a post-recession bottom.

At 10 a.m. Eastern, the Philadelphia Federal Reserve's regional manufacturing survey and the index of leading U.S. indicators are both expected to show the resumption in economic growth after a harsh winter isn't slowing down.

* Among individual stocks, shares of BlackBerry Ltd. jumped 13% after the smartphone maker posted an unexpected net profit and its adjusted quarterly loss was narrower than Wall Street had projected. Kroger Co. rose 5.4% after the supermarket chain reported better-than-expected first-quarter profit and sales. Shares of American Apparel Inc. leapt 12% after the company's board fired Chief Executive Officer Dov Charney. Penny-stock hopes fly for American Apparel after CEO firedRed Hat Inc. shares rose 4.5% after the software company's adjusted per-share earnings and revenue for the first quarter beat expectations on Wednesday, when it also agreed to acquire eNovance for about 70 million euros ($95 million). Pier 1 Imports Inc. shares fell 8.7% after the home-goods retailer missed earnings estimates and lowered its full-year earnings forecast.

* In overseas markets, Asian stocks closed mostly lower, with the exception of Japan's Nikkei 225 index , which surged 1.6%. European stocks also rallied on the Fed stance.

* Among commodities, crude and Brent oil prices continued to climb on Thursday, as Iraqi government forces fought to regain control of the country's largest oil refinery from Sunni insurgents. Gold prices rose sharply. The dollar was nearly flat versus the yen post-Fed.

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